OFAC Checker : Guard your business by complying with OFAC regulations
Keeping up with sanction lists and Office of Foreign Assets Control (OFAC) regulations is more challenging than ever in a global business environment. On the surface, these regulations appear straightforward. They instruct us not to violate the United States government’s foreign economic and trade sanctions. However, what you don’t know can harm you. Failing to comply with OFAC sanctions laws can open up your business to significant legal, financial, and reputational ramifications.
Let’s look at the OFAC list, why it is needed, how you can check it, and more.
The question arises: what is the OFAC list, and who is obliged to check them?
The OFAC is a United States Department of Treasury regulatory authority that administers and enforces economic trade sanctions on states, organizations, and individuals. They maintain a list, known as the Specially Designated Nationals (SDN) List, of individuals and companies from designated nations or involved in money laundering, terrorist financing, terrorism, drug trafficking, etc. OFAC requires you to double-check that your customers’ names are not on the OFAC SDN list, and U.S. citizens are generally barred from engaging with them. According to these due diligence obligations, every business must check on its business partners. This is true not only for new business ties but also for long-standing business relationships.
What’s more, because the global sanctions landscape is ever-evolving and more complex than ever before, you need to make sure that your business compliance processes are equally agile, too.
Be on the safe side by checking OFAC lists and meet compliance requirements at all times with OFAC Checker:
Businesses that check OFAC lists are not only fulfilling their legal obligations but are also avoiding business risks and safeguarding their public image. However, as a business, you must find a way to thoroughly examine the numerous OFAC sanctions lists while remaining cost-effective and minimizing disruption to your day-to-day operations. The high number of sanctions lists to be checked means that manual checks would be complex and time-consuming. It makes sense to look for an automated and user-friendly solution like “OFAC Checker” to carry out these compulsory checks. Cloud Maven, Inc., a Salesforce certified ISV partner, has developed this solution to automate the screening process. The application can screen unlimited OFAC checks on individuals and entities from any Salesforce standard or custom object, automatically or manually. It also supports the screening of multiple individuals and entities simultaneously via batch processing.
To protect your organization from conducting business with sanctioned entities, it’s essential to have a robust OFAC sanctions compliance program, including national and international screening and monitoring, in place. This is where our OFAC solution comes in handy. It allows you to remain compliant with the OFAC regulations and mitigate your risk of significant fines or imprisonment. You can expedite the compliance process with constant global access while also simplifying the compliance requirements. The sanctioned lists provided to you are updated regularly, ensuring that you always have access to the most up-to-date data. Thus, helping you stay on top of new OFAC regulations, rules, and notices from all agencies.
Additionally, there is no duplication of effort as you do not need to review the same hits for each new OFAC search. Items designated as “False Positives” remain marked for all searches. You can interpret the data easily by leveraging our advanced reporting metrics that provide statistical details, graphs and charts for each activity. Aside from that, you can screen all transactions against the Office of Foreign Asset Control database for Specially Designated Nationals (SDN) to ensure that you are dealing with the right businesses. The application assists businesses in ensuring that potential and existing customers are not prohibited persons or entities and are not from embargoed countries or areas before doing any business with them. This enables you to detect risky business partners while still adhering to national and international compliance legislation and rules. The automated scanning of sanctions lists not only protects your business but also reduces compliance risks. Ensure that your business complies with OFAC regulations at all times with OFAC Checker. OFAC Checker application is accessible on Salesforce AppExchange for a free 30-day trial period. Visit our website at https://www.cloudmaveninc.com to see how our solutions can help you to take your business to the next level.